MoneyTransfers

Multi-currency Account Guide: The Best Multi-currency Accounts and How They Work

Multi-currency accounts are a great way to save you money on your currency exchanges. Travel a lot? Do business overseas? Often stung by the high exchange rates offered by high street banks? A multi-currency account could solve your problems.

Frank Day
Author 
Frank Day
Fact Checker 
Elliot Laybourne
10 minutes
February 7th, 2024
Disclosure

Overall, the best multi currency account is offered by Wise. It lets you exchange money at the mid-market exchange rate, without any additional markup. You can also work out exactly how much your exchange will cost using the Wise fees calculator.

Revolut is also a great option, offering a free debit card for your overseas payments.

If you make business payments abroad, the Payoneer multi currency account might suit you best. You can receive payments in several currencies at the same time, free of charge.

Best multi currency accounts reviewed and compared

We’ve reviewed the top multi currency accounts on the market. Compare their cost, product offering, and ease of use below.

Best multi-currency accounts at a glance

  • Wise - Best overall

  • Revolut - Best cheap exchanges

  • Payoneer - Best for accepting business payments

  • OFX - Best low-fee account for businesses

  • Airwallex - Best integration with PayPal for your business needs

  • HSBC Global Money - Best for high-income individuals

Wise
Wise

After thorough research, we believe Wise offers the best multi-currency account on the market. The account can hold up to nine different currencies at once, from a selection of over 50.

With the account, you get a digital Wise card free of charge, and the option to buy a physical card for $9. You can then use this to make fee-free purchases overseas, so long as you have the correct currency in your account.

When you buy currency with Wise, you’ll get the mid-market exchange rate, meaning you’ll get exactly what your money’s worth at the time, minus a small fee. The Wise app even has an exchange rate graph which you can use to decide when you want to exchange and avoid missing the best rates.

It’s not surprising that Wise frequently receives positive reviews on Trustpilot, Google Play, and the App Store. These usually highlight the transparent fee structure, their efficiency, and how easy the service is to use.

  • Mid-market exchange rate offered

  • Instant exchanges and transfers offered on most transactions

  • Exchange fees can be calculated easily before exchanging

Revolut
Revolut

Revolut lets you store up to 28 different currencies in one account. It offers the mid-market exchange rate on all transactions completed during the week (Monday-Friday). At weekends and bank holidays, they add a 1% markup to exchanges, so keep an eye out for this if you’re planning an exchange for your multi currency account.

Like Wise, Revolut has a digital and physical debit card. Your first is free (minus a postage fee), and replacing lost cards costs $5. Fees for exchanges and international transfers are low with both Revolut and Wise, but Revolut comes slightly ahead of Wise on cost, in most cases.

However, Revolut is slightly more complicated than Wise to use, and you need to pay for tiered membership to access some of its flashier features, like higher interest rates and less restrictive transfer limits.

  • Free debit card

  • Fee-free transfers Monday - Friday

  • Wider banking options such as savings vaults and investments

Payoneer
Payoneer

Payoneer lets you manage receiving accounts in six different currencies - EUR, GBP, JPY, AUD, CAD, or MXN, all in the one app.

Receiving payments in any of these currencies (provided they go to the matching account) is free. There’s a small exchange fee for getting paid in a different currency. You can also receive payments in USD, EUR, GBP, and JPY for free from any other Payoneer account.

Payoneer is available in over 190 countries, making it one of the most widely available providers on this list. However, its fees are higher than some competitors. For a full breakdown, check out our Payoneer review.

  • Accepts business payments in several currencies

  • Available in over 190 countries

  • Payments to and from other Payoneer accounts are free

OFX
OFX

If you’re running a business, OFX has a great multi-currency account with low fees. Unlike Payoneer, there’s no fee for opening an account, no maintenance fee, and no fees for receiving money. You can manage up to seven currencies; AUD, CAD, EUR, GBP, HKD, USD, and SGD.

The OFX Global Currency Account allows you to quickly pay taxes, vendors, and suppliers in their local currency. You can also hold money in multiple currencies while exchange rates improve, so you can time your withdrawal to your local currency for when you’ll get the most for your money.

OFX also prides itself on its customer service. Their ‘OFXperts’ are available to answer queries 24/7. Their offices in eight different countries allow them to be active whenever you need them, whatever the time.

Despite this, the number of currencies available are lower than some other providers like Wise and Revolut. You’ll also find OFX adds a small markup to their exchange rates, and a fee for same-currency transfers.

  • Transfers available in more than 170 countries

  • No fees for transferring funds elsewhere

  • No limit on the amount of money you can transfer from your account

Airwallex
Airwallex

The Airwallex Global account for business lets you hold up to 12 different currencies in your account at once. Each account comes with its own details so you can receive payments locally from each, without having to convert and deal with less favorable exchange rates.

Each account comes with its own benefits, for example, the USD account allows direct debit payouts, and the GBP account can take advantage of the UK’s Faster Payments System (FPS).

The key bonus with Airwallex is their integration with PayPal, Amazon, and other popular ecommerce platforms like Shopify and WooCommerce. The use of local accounts with their own details means you can accept payments from these sites automatically, without worrying about IBANs, SWIFT codes, and expensive exchanges.

You can also access ‘Borderless cards’, a form of physical and virtual corporate cards directly linked to your Airwallex Global account. Each card comes with its own built-in controls, allowing you to easily manage your team’s expenses remotely.

  • Great integration with PayPal, Amazon, and other ecommerce sites

  • Easy to use

  • Low fees

HSBC
HSBC

The HSBC Global Money account is great for those on a high income looking to hold multiple currencies at once. Available to HSBC Premium account holders, the Global Money account is a multi-currency account that lets you hold up to eight different currencies at once.

You can only open an HSBC Global Money account as an HSBC Premium customer. This means you must have at least one of the following accounts:

  • HSBC Premier Checking account

  • HSBC Premier Savings

  • HSBC Premier Relationship Savings

These accounts have above-average income requirements, such as receiving at least $5,000 in direct deposits per month, having a $500,000 mortgage, or having at least $75,000 in total deposits and/or investments with HSBC.

If you fit these criteria, the Global Money account is great for your needs. It provides accurate exchange rate details every 90 seconds, so you know you’re getting the latest information, and you can make instant, fee-free transfers to other eligible HSBC customers.

While there’s no fees, beware of high exchange rates. The multi-currency deal is good, all tolled, but the exchange rate offered is between 6% and 8% higher than the mid market rate. Essentially, if you’re looking to keep your money ready to spend locally, great. If you need to exchange, you may be better off elsewhere.

  • No fees for transferring to eligible HSBC accounts

  • Instant transfers to eligible HSBC accounts

  • Well-known high street bank

How we rate and review multi-currency bank accounts

Our reviews and ratings are based on thorough research of the service offered by some of the leading transfer providers on the market. Our reviews consider:

Regulation
Fees
Product offering
Account perks and features
Ease of use
Customer experience

What is a multi currency account?

Put simply, a multi currency account is a bank account that can hold more than one currency at once. This means you can hold several currencies in the same place without having to exchange, which will save you money in the long run. They’re particularly useful for frequent travelers, as exchange rates and fees can quickly add up if you’re crossing borders quite often.

How multi currency accounts work

This can seem complex, but multi currency accounts manage all this for you. You can easily access all your money in all its currencies via the one app, wherever you are. But if you want the details, keep reading.

When you store money in a multi currency account, you’ll be given a unique account number for each currency you hold. The account will be local to the currency you hold, for example, your USD balance will be held in the US, and your GBP balance will be held in the UK. Yet, you can access both instantly via your multi currency account.

As multi currency accounts are made up of lots of local bank accounts in various countries, you can also easily make overseas payments with your multi currency account.

For example, if you live in the US but you want to send GBP to someone in the UK, you can make a domestic transfer of GBP from your multi currency account to someone else in the UK. This is possible because the GBP section of your multi currency account is held in the UK.

What you can do with a multi-currency bank account

Multi-currency bank accounts can do a lot of the same things as standard checking accounts. You can freely deposit and withdraw money, manage scheduled payments, and even, in some cases, earn interest.

The key benefits come from international travel. With a multi-currency debit card, you can make payments abroad without having to exchange currency - your payment will automatically be taken from the correct currency held in your account. This stops you losing out through unfavorable exchange rates and fees.

At the moment, multi currency accounts don’t have all checking account facilities. For example, you won’t usually be able to get:

  • An overdraft

  • Credit applications

  • Loans

  • Investments

Pros and cons of a multi currency account

  • Make payments abroad without exchanging currency

  • Keep exchanged currency for future use rather than losing money re-exchanging

  • Manage multiple currencies in one app

What’s the difference between a multi-currency account and a foreign currency account?

Multi-currency accounts are able to hold more than one currency at a time. They use separate accounts held in different countries, with their own local account details. You can access these from one place; your multi-currency account.

Foreign currency accounts are opened locally, but used to hold only one foreign currency at a time. Foreign currency accounts can be very useful if you only need to handle one denomination of currency other than the local one. Multi-currency accounts are better for handling multiple currencies at once.

You can open a multi currency account or a foreign currency account online. Each will have its own local bank details. You may also find foreign currency savings accounts are available, but they’re quite rare.

Who is qualified for a multi currency account?

You’ll usually need to be 18 to open a multi currency account, and some accounts are only available in certain countries. Other than that, it depends on the account you choose. A list of eligibility requirements for the providers listed on this page are below.

Wise

  • You must be over the age of 18

  • You must have valid ID

  • You’ll be able to send money from most countries, but not always in the local currency

  • To get the debit card, you must be a resident of Europe, the US (except Nevada), Canada, Brazil, Australia, New Zealand, Malaysia, Singapore, or Japan.

Revolut

  • You must be over the age of 18

  • You can’t have more than one Revolut personal account

  • You can’t open a new account if Revolut has previously closed your old account

  • Revolut offers both personal and business accounts, but business accounts are usually better with specialists like Payoneer and Airwallex

Payoneer

You must be either:

  • A service provider or freelancer agency

  • An online seller

  • A small to medium sized business

  • A marketplace or enterprise

You cannot open a Payoneer account as an individual.

OFX

You must:

  • Have a registered OFX User Account

  • Be a business entity authorized to do business in the US

Airwallex

You must:

  • Have a business registered in one of the Airwallex eligible countries (see dropdown below)

  • Be operating in non-prohibited sectors (sectors such as arms dealing, gambling, pharmaceuticals, charities, and investment firms are prohibited)

HSBC Global Money

You must:

  • Have an HSBC Premier Checking account, HSBC Premier Savings account, or an HSBC Premier Relationship Savings account

Fees associated with multi currency accounts

Fees will differ depending on the account. For example, Wise only charges a fee when you transfer or exchange currency. Revolut adds a fee when you exchange outside trading hours, and Payoneer has an annual account management fee. Some fees you may expect are listed below.

Transfer fees

The most common fees associated with multi currency accounts are transfer or transaction fees. They’re charged when you send money abroad using your multi currency account. Not all providers do this, but beware - providers that don’t charge a fee for transferring money abroad will add a markup to the exchange rate they offer on currency exchanges.

Account management fees

As the name suggests, these are fees charged for managing your account. They’re usually either monthly fees or annual fees. Not all multi currency accounts have account management fees. Wise, Revolut, and OFX don’t have management fees. Payoneer has an annual management fee of $29.95.

Overdraft fees

Multi currency accounts do not generally allow overdrafts, so these do not apply. You may be charged a ‘funds unavailable’ fee if you attempt to make a payment when you don’t have the required funds.

Missed payment fees

Missed payment fees are usually confined to debts. Most multi currency accounts don’t allow debts as they do not provide an overdraft or credit cards.

Who can benefit from opening a multi currency account?

You’re likely to benefit most from opening a multi currency account if you travel a lot. Perhaps you frequently go abroad on holiday, or you’re an expat living abroad. Multi currency accounts are some of the best bank accounts for expats, and great accounts for digital nomads.

Multi currency accounts are also great for businesses that operate globally. They can make it much easier to receive payments, pay wages, and pay taxes in all the countries in which you do business.

When to choose a multi currency account

Multi currency accounts are best for frequent travelers, businesses that make a lot of transactions overseas, or people who often send money to other countries.

The key here is regularity. Multi currency accounts are best for people who deal with foreign currency regularly. If you handle foreign currency irregularly, say less than once a year, you’ll be better off exchanging once with a money transfer provider.

When not to choose a multi currency account

It’s probably better to avoid multi currency accounts if you don’t handle foreign currency very often. However, they can still be useful. If, for example, you have a holiday abroad planned, it may still be cheaper and easier to exchange money once with Wise and hold both currencies in your account than exchange your money back again.

Managing your multi currency account

Managing a multi currency account is often very simple. A lot of accounts are similar to standard bank accounts. But it’s a good idea to keep an eye on exchange rates to make sure you’re exchanging your currency when the rates are better. As exchange rates change daily, you’ll be best using an exchange rate calculator for live updates.

You should also keep an eye on fees. If you don’t use your multi currency account regularly, you’ll be better off with an account that doesn’t have monthly or annual account management fees. If you exchange and transfer on a more regular basis, you may find management fees save you money on individual transfer fees in the long run.

Opening a multi currency account with a traditional bank vs Fintechs

Generally speaking, Fintechs like Wise offer better rates and lower fees on their multi currency accounts than traditional high street banks. As a lot of Fintechs are designed to handle only currency exchanges, and they’re often electronic only to save on overheads, they can afford to keep costs low. Traditional banks like HSBC and Chase bank are often much more expensive.

How to choose the best multi currency account in 2024

We’ve made choosing the best multi currency account easy with our full summary above. But to choose the best multi currency account for you, you need to know what your priorities are.

Fees
Exchange rates
Number of currencies available
Speed of exchanges
Ease of use
Customer support
Security
Check your provider is regulated

You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.

Remember: We will only ever recommend regulated financial institutions.

How to apply for a multi currency account

While all multi currency accounts are slightly different, we’ve provided a general guide for how to open one.

Choose your provider
Register
Verify your identity
Choose your currencies
Fund your account

If you’re using an app, at this stage you can usually set up biometric logins as well, to increase security.

FAQ

Which banks have a multi-currency account?
Which US banks accept foreign currency?
Is the HSBC Global Money account worth it?
Is Revolut or Wise better?
Does Bank of America offer multi-currency accounts?

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Contributors

Frank Day
Author
Frank Day
Based in London, Frank is a dedicated writer and editor specializing in personal finance, boasting over five years of experience in the field. Frank's professional journey began in the pensions industry, where he developed a keen expertise in this area. He has crafted content for notable organizations like the Teachers’ Pension Scheme, the Environment Agency, and Direct Line.
Fact Checker
Elliot Laybourne
Elliot Laybourne is a seasoned financial professional with a 20-year tenure in investment banking in the City of London. His career includes pivotal senior roles at prominent institutions like ABN Amro, Societe Generale, Marex Financial, and Natixis Bank. Elliot's expertise is particularly notable in commodity derivatives and options market-making. Throughout his career, he has served an impressive roster of clients, including Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System.